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[2023.09.21] CUBEBIO Co., Ltd. Attracts Investment of $46.7Mn through Technology Verification .. One step forward for US Market entry

2023-09-21 13:18:43



CUBEBIO attended ‘CancerX Inaugural Member Summit 2023’, hosted in HHS(Health and Human Services) Mary E. Switzer Building, Washington D.C. on 7th of September. CancerX is a public-private partnership(PPP) appointed by the White House in attempt to accelerate CANCER MOONSHOT, the US Government initiative against cancer. Approximately 150 persons from more than 100 global businesses and the US Government Departments including ARPA-H(Advanced Research Projects Agency for Health) and the OASH (Office of the Assistant Secretary for Health) gathered to discuss business management and measures to reduce cancer mortality. (Picture by CUBEBIO)

 

Expecting quantum leap following a series of favorable news, Ltd., a biomedical company specialized in the R&D and manufacture of IVD medical devices, attracted $46.7Mn investment. The $24.1Mn primal deposit was paid on 21st of September.

 

CUBEBIO is reviewing a $98 million-worth investment and NASDAQ listing with an US corporation.

 

The key factor of such large-scale investment is considered to be the successful clinical trial results on urine-based pancreatic cancer diagnosis conducted in joint research with SNUH(Seoul National University Bundang Hospital).

 

Signing the joint technology development contract with SNUH last year, CUBEBIO proceeded pancreatic cancer as its primary research target among various screen-able cancer types using their technology. Pancreatic cancer is notorious for its extremely low 5-year survival rate of 13.9%. Despite the fact the only way to increase its survival rate is through early detection, the rate of early diagnosis in pancreatic cancer does not exceed 10%. The joint research team revealed that biomarkers in urine can screen pancreatic cancer at an early stage with high accuracy, which the related industries noted.

 

On 4th of August, CUBEBIO signed to participate CANCER MOONSHOT, Biden Cabinet’s nation-wide initiative against cancer, in recognition of its advanced technology. The core of CANCER MOONSHOT is to introduce the recent technology in cancer diagnosis and treatment and to politically and financially support the related parties in an effort to reduce Americans’ death rate from cancer by 50% over the next 25 years. The US government is actively promoting the CANCER MOONSHOT, to the extent that President Biden has formed a separate cabinet (Cancer Cabinet). Cancer Moonshot is led by CancerX, a public-private partnership established by the U.S. government, and major members include Johnson & Johnson, AstraZeneca, Takeda Pharmaceutical, MD Anderson Cancer Center, Intel, and Amazon Web Services.

 

On August 18th, an online meetup of CancerX members from many different countries including CUBEBIO was held. During the conference, plans for future operations such as reinforcing cooperation among cancer-related businesses were discussed along with the introduction of the first steering committee which consists of 12 global companies and institutions. On the 7th of this month, about 150 attendees participated in the ‘CancerX Inaugural Member Summit 2023’, which consists of hundreds of global agencies and businesses including CUBEBIO, at the HHS Mary E. Switzer Building, Washington D.C. with multiple US Government Department personnel. During the ‘CancerX Inaugural Member Summit 2023’, CUBEBIO is said to have spotlighted the significance of early cancer screening, drawing attention and support to the subject. Furthermore, the company had conversed with major cancer center authorities in the US, such as Memorial Sloan Kettering Cancer Center, City of Hope, and Moffitt Cancer Center, about introducing the urine-based cancer screening system to the US. Cooperation schemes were reviewed in regards to investment and US market debut with the related parties from Yosemite founded by Reed Jobs, son of Steve Jobs who died of pancreatic cancer, in attempt to invest in healthcare companies targeting cancer and Medical & IT specialized investor, Andreessen Horowitz, and more.

 

According to CUBEBIO, it anticipates collaborating with global companies and professional institutions in the US and it has already begun discussing matters of investment, sales, manufacturing, and production with US corporations including CancerX members. The recent consensus to open ‘Cancer policy dialogue’ among the trilateral leaders (KOR, US, JPN) reflects the US Government’s elevated interest in the cancer industry. CUBEBIO entering the US market seems imminent regarding its partnerships with global corporations in addition to such interest.

 

In addition to the Greater China market where the company is cooperating with the Hong Kong conglomerate, CUBEBIO is conducting joint research with domestic institutions in Japan, Singapore, and the Middle East. By overcoming the initial high entry barrier in collaboration with the local institutions, such business model is expected to promise a solid business structure within the domestic market. The foreign institutions such as the National Cancer Centre Singapore are conducting joint research with CUBEBIO. They anticipate CUBEBIO’s urine-based cancer screening to play a notable role in their local field of early detection and diagnosis of cancer. CUBEBIO is escalating to stably approach the MEDCs’ market via such collaboration with multiple overseas agencies.

 

Meanwhile, in May 2023, CUBEBIO’s product was selected as an innovative product for the Scouter Demo Day hosted by the PPS (Public Procurement Service), a government agency of South Korea. The product will officially be listed as ‘PPS selected innovative product’ and the agency will bind a public agency sales contract using $38 million budget.

 

CUBEBIO is a venture company whose product screens the presence of cancer by analyzing biomarkers within urine. 

The company holds 34 patents including the biosensor patent shared by Samsung Electronics. Two more patents are settled to be issued as a result of its consistent R&D. The company’s technology can be specified as ▲Convenient method of examination, ▲Frequent screening via non-invasive specimen, urine, ▲Screening multiple types of cancer in 1 test, and ▲Deriving results within 5 minutes.

 

 

Related article 

 Korea JoongAng Dailyhttps://www.joongang.co.kr/article/25194332 

 Seoul Shinmun: https://www.seoul.co.kr/news/newsView.php?id=20230921500172&wlog_tag3=naver 

 Chosun Biz: https://biz.chosun.com/science-chosun/bio/2023/09/21/24POEL7WRZE67ESEOCP4TCNBYA/?utm_source=naver&utm_medium=original&utm_campaign=biz

 Segye Times: https://www.segye.com/newsView/20230423500364

 ETNEWS: https://www.etnews.com/20230921000278

 Medical Today: https://mdtoday.co.kr/news/view/1065602402955573

 DIGITALTIMES: https://www.dt.co.kr/contents.html?article_no=2023092202109923056005&ref=naver

 E2NEWS: http://www.e2news.com/news/articleView.html?idxno=301098

 IT.chosun: https://it.chosun.com/news/articleView.html?idxno=2023092101171

 IT-BIZ: http://www.it-b.co.kr/news/articleView.html?idxno=70694